Chapter 13 Bankruptcy in Marina CA
Chapter 13 Bankruptcy Marina CA
Determining what type of bankruptcy to file is often confusing. But is this the right choice for you? Here you will find out how Chapter 13 bankruptcy in Marina CA works, how payments work, and if you are eligible. After reading this article, you will know if Chapter 13 what you need. Filing for bankruptcy is often confusing.
Chapter 13 Bankruptcy Explained
With Chapter 13 bankruptcy in Marina CA, you are able to keep your assets. Chapter 13 bankruptcy requires you to set up a repayment plan with your creditors. This allows you to keep your assets while declaring bankruptcy. Another advantage of Chapter 13 is it stays on your record for 2 years less than Chapter 7 bankruptcy.
Are You Eligible for Chapter 13 Bankruptcy in Marina CA
Not everyone is eligible for filing Chapter 13 bankruptcy in Marina CA. For instance, if you are a corporation or a sole proprietorship you cannot file, you should file for Chapter 11 bankruptcy. You must have enough income to meet the repayment plan.
There are also limits set on how much debt you have to be able to file for Chapter 13 bankruptcy. If you have more than $1,081,400 in secured debt and over More than 360,000 unsecured debts.
Chapter 13 Bankruptcy in Marina CA and Repayment
Once you have filed for bankruptcy, the court will appoint a trustee to handle the repayment process. The trustee will put your creditors in an order of priority for repayment. Debt that is secured is paid first. Last unsecured debt is paid.Your trustee will handle all payments towards your loans. Sometimes you might be required to repay your mortgage directly to your loan holder.
Filing for Chapter 13 can be a lot to process. We’ve covered the basics of bankruptcy options, repayment options, and how to know if you qualify. When dealing in a sophisticated legal situation such as bankruptcy filings it is very important obtain the assistance of an experienced Chapter 13 bankruptcy attorney in Marina CA.
Attorney-at-law Stephen H. Kim is here to assist any queries you have with the process of filing Chapter 13 bankruptcy. We provide you with seasoned representation you can depend on. Do not attempt to deal with Chapter 13 on your own. Stephen H. Kim is definitely an attorney at law you can rely on. We have dealt with numerous Chapter 13 bankruptcy cases in Marina CA and can make certain your interests are safe. Please make sure to contact us right now if you’re considering filing for Chapter 13 bankruptcy in Marina CA.
I am right here to help make the process of processing Chapter 13 bankruptcy in Marina CA as easy and painless as it can be.
Stephen H. Kim, Attorney at Law
10 S Filice St #1, Salinas, CA 93905
831-221-5022